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The #1 Thing You Are Putting Off: Estate Planning [Do the Damn Thing podcast, with guest Candice Aiston]
Candice was interviewed on the Do the Damn Thing podcast to talk about the #1 thing that the podcast listeners reported that they were putting off: Estate Planning.
On the episode, Candice talks about the 3 documents that everyone over 18 should have in place, the additional documents that all parents should have in place, whether you should DIY your estate plan, why people put off estate planning, how to get started on estate planning, and so much more.
Roots + Wings Legal Podcast, Episode 1: Interview with Anne Tegtmeier
Introducing the Roots + Wings Legal Podcast, hosted by Aiston Law LLC and Portland, Oregon Attorney Candice Aiston. In our inaugural episode, we talk with Anne Tegtmeier, owner of Fan Fare: Theme Catering, about what life looks like when a parent develops dementia and is seduced by scammers. It happened to Anne while she was starting her company and raising her young daughter Lily, as a single parent.
Adulting: How to prepare for summer travel with estate planning.
Many years ago, I read a story about a family who was in a car wreck while on vacation in another state. The parents were killed, but all of the children survived and since the parents did not have an estate plan, the kids were put through a long, traumatizing court process. They were in foster care for 18 months before the guardian was appointed and could take them home. It was up to the state to approve medical treatments for the kids. Thousands of dollars were spent on legal fees. The youngest child had been 18 months old at the time of the car wreck, and he was three years old when he finally went home with the guardian.
The case really shook me, especially because at the time, my youngest was only two years old, and imagining that scenario was terrifying. It had a huge impact on the way I did planning for my clients. I have always started from facing the worst possible scenarios that could happen, and then planning to avoid any bad legal outcome that we could identify.
Estate Planning Guidelines for Divorce
When you are facing divorce, estate planning is an important part of that. In a perfect world, a divorcing couple will be able to come to some agreements on guardians and other topics involving the kids. If not, parents should still create their own estate plans to reflect their wishes.
There are a myriad of estate planning goals a divorcing or divorced person might have: to name people you know and trust to make important decisions for you if you are not able to do so; to protect your assets from being lost to remarriage of either party; to protect your assets from being lost to creditors of your ex-spouse or other factors you have no control over; to name guardians in the event both ex-spouses are incapacitated or die; to ensure that if one parent dies or is incapacitated, that person’s family still has visitation with the children.
5 New Year's Resolutions for Parents
The Holidays are hectic, but it’s always a good idea to pause and make plans for the coming year. If you’re a parent, make 2019 the year that you get your legal and financial house in order.
If you are reading this, you probably feel similarly to the way that I do about parenting: It is serious business, and it is our responsibility to provide the best care possible for our kids and to make sure they are protected and that they have every opportunity to succeed in life. If we can toast to that, I want to share with you 5 New Year’s Resolutions for Parents that you should give to your family. If you have not given these to your family yet, there is no time like the New Year to get started.
You're Probably Going to Accidentally Disinherit Your Kids
I have a math problem for you: If 70% of Americans don’t have any estate planning done, and if 50% of marriages end in divorce, and if men statistically remarry 2 years after their spouse dies or they divorce, and if women statistically remarry 5 years after their spouse dies or they divorce, and if most married couples own their property jointly, how likely are parents to accidentally disinherit their kids? I don’t have an exact number for you, but the answer is: VERY likely.
Many parents consider the possibility of protecting their kids’ inheritance from evil family members, but few consider the possibility that their kids may lose their inheritance simply due to a lack of proper planning. In a word: A will is not enough.
Parents: 4 Ways to Ensure That You Leave a Lasting Legacy
Thanksgiving week is such a great time to reflect on family and the legacy we wish to leave for them and for the communities and the world that made this life possible for us.
A legacy is so personal. Everyone has different ideas about the kind of legacy they wish to leave. Some people want their legacy to involve charitable work. Some want their legacy to involve personal achievement, such as writing a book or qualifying for and running the Boston Marathon. Some people just want to be the best mother, father, or friend that they can be—the bow to their arrows. All of these ideas about what constitutes a legacy are legitimate.
Will My Estate Go through the Probate Court Process?
Probate is a court process that takes place after a person dies. The purpose of the process is to legally transfer assets that are in the deceased person’s name to whomever the beneficiaries of the estate are. In Oregon, your estate will need to go through a probate process if you die owning real property with a market value worth over $200K, and/or if you own personal property worth over $75K. This applies even if you have a will. Your will simply tells the probate court where to direct your assets after you die.
Most people who don’t want their estate to go through probate set up a revocable living trust to hold their assets. That way, when they die (or if they are incapacitated), they don’t actually own any assets that need to be transferred—the trust does, and the trust agreement tells the trustee what to do with the assets.
What You Must Know About Your Parents' Estate Plan
Are you worried about your parents leaving you with a big old mess when they die? You should be! Most people don’t have any estate plan at all, and most of the folks who do have an estate plan have made some sort of error or overlooked something that will make their families’ lives a real pain at some point. The good news is that you can make sure your parents’ estate plan is going to do the job right, by having your own lawyer review the plan. Here are some major things to look out for.
Estate Planning: I moved from California (or another state) to Oregon.
This is a question I get a lot: “I moved to Portland from California [or another state]. Do I need to have my estate plan reviewed or revised?” The answer is yes, yes, yes, a million times yes. Let’s break down some of the major documents involved in an estate plan and why you’ll want to have them reviewed and possibly revised.
Having a Death Scare Made Me Reassess My Life
Death is coming for each of us, and many of us don't ever get a warning. It just happens sometimes. Even though I don't have cancer, I could get hit by a car tomorrow. So making sure that we're living our lives to the fullest is super important. And so is planning for our deaths so that we don't leave a mess behind for the people we love.
The Great Game of Thrones Rewatch: Yes, this is about planning.
Now you might be thinking, “Candice, what the heck does Game of Thrones have to do with estate or business planning?” Hear me out. It has a lot to do with it. And you might as well get used to hearing about it, because rewatching this show might be my primary inspiration over the next year to write about estate and business planning. When I’ve watched Game of Thrones, I always thought about how estate and business planning relate to the show. But I never sat down to write out my thoughts. This is my chance to actually go through and recapture all of the thoughts I had over the years—except with added perspective and experience—and share with you all of the lessons you can learn from this extraordinary show when it comes to estate and business planning.